A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
Many economists say only a substantial rise from October would point to a real recovery.
Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
Reacting sharply to the proposal by some US states to ban outsourcing of state data processing contracts to developing nations, Union Law and Commerce Minister Arun Jaitley said the move was against the principle of market access.\n\n\n\n
With the new SEZ policy in place, tax sops can only rise - the issue is whether these result in higher investment and jobs, or more corruption.
Despite the 6-month high, trade deficit has widened to a four-month high of $14.62 billion, as imports rose by 14.85 per cent during the month, reports Subhayan Chakraborty.
Exports had risen over 11 per cent in July, year-on-year.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
Indian exporters on Monday said the fluctuating rupee will not only raise imports bill but would also lead to volatility affecting their businesses.
India needs to make use of this opportunity to significantly enhance its exports especially in information and communications technology and the automotive sector.
India imports about 25 million tonnes of oil from Iraq each year.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
The government on Thursday took a series of measures in view of the rising number of COVID-19 cases in several parts of the world, including China.
'Commerce Minister Piyush Goyal once told me that if onion prices rise we will face the flak for it across India.' 'What can farmers expect from a government which talks like a trader and only believes in (electoral) profit and loss?'
India owes Iran around $8.8 billion primarily on account of crude oil imports.
The government on Tuesday said that the textile exports from India will double from the current levels within a year of the Multi Fibre Agreement coming to an end.
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
The Union government said Saturday that the new Exim Policy, aimed at boosting export competitiveness by reducing transaction costs and procedural simplifications, would be announced in July.
Saudi Arabia is insisting on 'In Kingdom' total value-addition requirements
Because of weak availability, buffalo meat exports have also declined over the last few weeks
On the telecom sector, he demanded auctioning of more spectrum.
With the Covid-19 pandemic showing signs of ebbing and economic activity picking up, factory owners in Jalandhar had hoped that the worst was over. However, the heat wave in April and extensive power cuts that came with it, have crushed their hopes. The city's large number of micro, medium and small enterprises (MSMEs) are now gearing up for yet another struggle, this time to survive with the shortage of power that is severely impacting their operations.
From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.
In order to boost growth amid some softening of inflation, RBI earlier this month cut the key interest rate by 0.25 per cent. It is scheduled to announce its mid-quarter policy review on June 17.
In the UK, he will attend the Commonwealth Heads of Government Meeting
An online system generates import-export code.
While 100 per cent FDI is allowed in single-brand retail, if the foreign investment exceeds 51 per cent, the 30 per cent mandatory local sourcing norm kicks in.
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
The money-laundering case was filed by the ED after taking cognisance of a CBI FIR against the accused, whom the latter agency had booked for alleged violations of the Foreign Contribution (Regulation) Act (FCRA), 2010 and under section 120B (criminal conspiracy) of the Indian Penal Code.
Since January this year, Indian exporters have begun to dread the shipping news. That's because most of it would be about another lot of shipping companies deciding to avoid Indian ports on account of delays.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
The French-speaking region of Western Switzerland has been promoting foreign investments by offering 10-year tax holiday for firms setting up manufacturing or contract manufacturing facilities there.
Why should India buy olives from Europe when it could do so from the world's largest producers?
Under MRA, Japan is to recognise Indian medical degrees and treat the country's doctors and other medical personnel on par with its own.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
It was expected that supplies from China will be back to normal by end-June as their factories are now operating at nearly 90 per cent of normal capacity. But the recent issue with shipments has placed an obstacle that manufacturers can't bypass.
Saudi Arabia is the second largest importer of poultry products from India and exporters fear other importing countries might follow suit.
Despite the recent Western criticism on Bangladesh's labour standards, India has a long way to go before it overtakes the neighbour in global exports.
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